The security of Ethereum is backed by the market value of staked ETH. The more assets settled on the network (stablecoins + RWA + DeFi TVL, etc.), the more it requires ETH itself to maintain a sufficiently high market value. Otherwise, the cost of an attack would be far lower than the value it’s protecting. This isn’t just a 'narrative'—it’s determined by the protocol mechanism. In other words, when Ethereum carries $10 trillion worth of stablecoins, tokenized US stocks/US bonds/gold/BTC... the value of ETH won’t be low. Right now, ETH’s market cap is just under $250 billion. Considering the amount of on-chain assets it supports, it’s seriously undervalued.